HomeMy WebLinkAboutOrdinance No. 580I
ORDINANCE No. 5$o
AN ORDINANCE PRESCRIBING THE FORM, DENOMINATION, AND RATE OF INTEREST
OF BONDS OF SPECIAL IMPROVEMENT DISTRICT NO. 93, AND PROVIDING FOR, THE TIME
AND PAYMENT AND REDEMPTION OF SAID BONDS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAUREL, MONTANA:
WHEREAS, it is provided by Resolution No. 1312, entitled, !f A
Resolution Creating Special Improvement District No. 93, of the City of Laurel,
designating the boundaries thereof as defined by Resolution No. 1311, passed
by the City Council of the City of Laurel and referring to said Resolution of
Intention for further particulars". passed by the City Council the 16th day of
May, 1967, that all the costs and expenses incurred in the construction and
making and installation of the improvements in said Special Improvement District
No. 93, which improvements are more fully described in said Resolution No. 1311,
creating said Improvement District, shall be paid by Special. Improvement Bonds
with interest coupons attached, drawn against Special Improvement District No.
93 Fund, and that said bonds shall be substantially the form provided by law
in such cases; and
WHEREAS, the contract for the construction and making and installation
of said improvements of said Special Improvement District No. 93 will be duly
and regularly awarded on the 20th day of June, 1967,
NOW, THEREFORE, BE IN RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LAUREL:
Section 1. Said bonds shall be drawn in substantially the following
form;
DISTRICT NO. 93
UNITED STATES OF AMERICA
STATE OF MONTANA
Bond No.
Dollars
9
Interest at the rate of per cent per annum, payable annually, Special
Improvement District Coupon Bond.
LAUREL, MONTANA,
Issued by the City of Laurel, Montana.
The treasurer of the City of Laurel, Montana, will pay to
or bearer, the sum of
as
authroized by Resolution 1312, as passed on the 16th day of May, 1967, creating
Special Improvement District No. 93 for the construction of the improvements
and the work performed as authorized by said resolution to be done in said
district, and all lags, resolutions, and ordinances relating thereto, in
payment of the contract in accordance therewith. The principal and interest of
this bond are payable at the office of the City Treasurer of Laurel, Montana.
This bond bears interest at the rate not to exceed 6% per annum for
the date of registration of this bond, as expressed herein, until the date called
for the redemption by the City Treasurer. The interest on this bond is payable
annually on the lst day of January in each year, unless paid previous thereto,
and as expressed by the interest coupons hereto attached, which bear the engraved
facsimile signature of the Mayor and City Clerk.
This bond is payable from the collection of a special tax or
assessment which is a lien against the real estate within said improvement
district, as described in said resolution herein before referred to.
This bond is redeemable at the option of the City at any time there
are funds to the credit of said special improvement district fund for the
redemption thereof, and in the manner provided for the redemption of the same.
It is hereby certified and recited, that all things required to be
done, precedent to the issuance of this bond, have been properly done,
happened, and been performed, in the manner prescribed by the laws of the
State of Montana and the resolution and ordinances of the City of Laurel,
Montana, relating to the issuance thereof.
(SEAL)
Dated at Laurel, Montana, this day of , 196,.
City of Laurel, Montana.
Kenneth Olson, Mayor
Dorothy P. Bundy, City ler
Registered at the office of the City Treasurer of Laurel, Montana,
this day of , 19
City Treasurer
Registered at the office of the City Clerk of Laurel, Montana, this
day of , 19
Dorothy P. gun3y, City Clerk
The coupons of said bonds shall be in substantially the following
form:
No. $
On the day of ,19 , the City Treasurer of
Laurel, Montana, will at his office in Laurel pay to bearer the sum $
being the annual interest then due on Bond No. of Bonds of
Special Improvement District No. 93 Fund, and not otherwise; provided that this
coupon is subject to all the terms and conditions contained in the Bond to
which it is annexed.
CITY OF LAUREL, MONTANA
Mayor
City Clerk
Section 2. Said bonds shall be issued in the amount of not more
than Twenty-Five Thousand and no/100 ($25,Ooo.00) Dollars and be drawn
against Special Improvement District No. 93 Find, and shall bear interest at
the rate not exceeding six percent (6%) per annum from the date of registration
until called for redemption or paid in full, interest to be payable annually
on the 1st day of January of each year, and shall be signed by the Mayor and
City Clerk; and shall bear the corporate seal of the City and shall be
registered in the office of the Clerk?,and Treasurer, and the interest coupons
attached thereto shah, also be so registered and shall bear the engraved
facsimile signature of the Mayor and City Clerk. Said bonds shall be
redeemable and payable as follows: Redeemable at the option of the City on
acrd after the lst day of January, 1968; provided, however, that said bonds, and
each and all of the same shalY.be redeemed by the Treasurer of said City when
there are funds in said Special Improvement District No. 93 Fund, against
which said bonds are issued, available therefor; provided that the Treasurer
shall first pay out of said Special Improvement District No. 93 annually, the
interest on all outstanding bonds on presentation of the coupons belonging
thereon, and any funds remaining shall be applied to the payment of the
principal and the redemption of the bonds in the order of their registration;
and provided further, that whenever there are funds in said Special Improvement
District Find, after paying the interest on said bonds drawn against said
fund, the City Treasurer shall call in for payment outstanding bonds, which,
together with the interest thereon to the date of redemption, will equal the
amount of sid Fund on that date, which date shall be fixed by the Treasurer,
who shall give notice by publication once in a newspaper published in said
City of Laurel, Montana, or at the option of the Treasurer, by written notice
to the holder or holders of such bonds, if their address be known, of the
nixmber of bonds and the date on which payment will be made, which date shall.
nqt be less than ten (10) days after the date of publication or of service of
notice, and on which date so fixed, interest will cease.
Section 3. That the City Clerk of the City of Laurel, Montana, is
authorized, empowered and directed to give notice of sale by advertisement in
the Laurel Outlook, a weekly newspaper of general circulation printed and
published in said City of Laurel, for a period of four successive weeks
immediately preceding the date of sale, said advertisement to be published
in the regular issues on June 7, June 14, June 21, June 2$, 1967, and said
notice is to be substantially in the following form, to wit:
Section 4. That an emergency is hereby declared to exist, and this
ordinance shall be in full force and effect from and after its passage and
approval.
Passed by the City Council of the City of Laurel, Montana, and
approved by the Mayor this 6th day of June, 1967.
Mayor o he City of Laurel, Montana
(SEAL)
ATTEST:
Gty Clerk
a`